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Diamond Offshore Drilling Inc (NYSE:DO) And Norway’s Statoil Ocean Vanguard Rig Contract Terminated

Boston, MA 06/05/2014 (wallstreetpr) – The rig contract signed between Diamond Offshore Drilling Inc (NYSE:DO) and Norway’s Statoil has been cancelled eight months prior to the expected date. Norway’s Statoil’s spokesperson on June 4, 2014 announced about cancellation of the contract between the two.

Expected Time of the Contract to End

The rig contract between Diamond Offshore Drilling Inc (NYSE:DO) and Statoil for Ocean Vanguard rig would have actually finished off by February 2015 as expected, at the rate of $454000 per day. However, the contract was finished off before time.

Statement from the Communication Manager of Statoil

The Communication Manager of Statoil, Oerjan Heradstveit, said that the company confirms termination of the contract with Diamond Offshore Drilling. He further said that the termination was a result of technical aspects related to the rig. He also added that the actual validity of the contract was until February 2015. Detailed information was not provided by any of the companies, citing issues of confidentiality.

Statement from Diamond Offshore Drilling Inc

Diamond Offshore Drilling Inc (NYSE:DO) Inc issued a press release in which it said that the company disputes the basis of Statoil for terminating this contract. The company also said in its press release that it intended to defend the rights under a proper drilling contract.

About the Ocean Vanguard rig

  • The Ocean Vanguard rig was scheduled to be finished off by February 2015.
  • It was supposed to be shifted to the U.K. in order to drill a well in the month of June 2014. Thereafter, it was scheduled to return to Norway.
  • The Ocean Vanguard rig was a mid-water semisubmersible.
  • The Ocean Vanguard rig is also registered with Det Norske Veritas in Marshall Islands as a classification society.
  • It was built in the year 1982 and also achieved the Acknowledgement of Compliance (AoC) in July 2004 from Petroleum Safety Authority in Norway.

Published by Lisa Ray

Lisa has a Bachelor of Arts in journalism from Purdue University and 3 years of experience in the publishing field.

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